10723. Butchers & Drovers Bank (St Louis, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
July 29, 1876
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
31837a19

Response Measures

Accommodated withdrawals, Full suspension

Other: Bank later suspended/failed; depositors were asked to allow time for asset realization; no clear record in these articles of a receiver appointment.

Description

Contemporary reports describe a small run July 29, 1876 that was met promptly. About a year later (mid-July 1877) the bank suspended/failed (reports call it suspended or failed with liabilities ~ $1,000,000); attempts at reorganization were discussed but the institution is described as closed/failed and caused runs on other St. Louis banks. Classification: initial run in 1876, suspension/failure in July 1877 -> run_suspension_closure. Bank type inferred as state bank (no 'National' or 'Trust' in name).

Events (4)

1. July 29, 1876 Run
Cause Details
Abrupt depositor withdrawals; article gives no clear trigger (no specific rumor or misreport), and demands were promptly met.
Measures
Demands met promptly; time deposits and current accounts paid; other city banks offered assistance.
Newspaper Excerpt
Something of a run was made on the Butchers' and Drovers' Bank of this city to-day, but the demands of depositors were met so promptly that scores of them retired without drawing their deposits, and the run soon ceased.
Source
newspapers
2. July 14, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to heavy prior withdrawals (a run a year or two earlier that removed nearly $1,000,000), unfortunate loans, real-estate losses and weakened assets; liabilities reported nearly $1,000,000.
Newspaper Excerpt
B. M. Chambers, president of the Butchers and Drovers' Bank announces the suspension of that bank.
Source
newspapers
3. July 15, 1877 Other
Newspaper Excerpt
The suspension of the Butchers' and Drovers' Bank yesterday caused a run in the afternoon on the Boatmen's Savings Bank ... but these runs were in no sense extensive.
Source
newspapers
4. July 16, 1877 Other
Newspaper Excerpt
The people of St. Louis seem to be thoroughly alarmed by the recent suspension of several of their oldest and most trusted financial institutions. On Saturday the Butchers' and Drovers' Bank failed, with liabilities amounting to nearly one million of dollars.
Source
newspapers

Newspaper Articles (23)

Article from The Dallas Daily Herald, July 30, 1876

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MISCELLANEOUS. ST. LOUIS, July 29.-A tornado passed over the northern part of this county between three and four o'clock this morning, and did a good deal of damage to out-houses, fences, trees, crops, etc. One edge of the storm struck the extreme northern part of the city, and made considerable racket among some of the houses, one of which was wrecked, and a little girl named Ottole was killed. Something of a run was made on the Butchers' and Drovers' bank of this city to-day, but the demands of depositors were met 80 promptly that scores of them retired without drawing their deposits, and the run soon ceased. Several of the city banks offered assistance to any extent, but President Chambers stated that the bank had an abundance of money to meet all the demands that could be made upon it. Time deposits were paid as well as current expenses.


Article from Memphis Daily Appeal, July 30, 1876

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TELEGRAPHIC BRIEFS. e The report of General Crook's fight is contradicted. Jose Barzanallana has been nominated Spanish minister of finance. The Cocheco cotton mills at Dover, New Hampshire, have shut down for thirty days. The yacht Idler won the Bennett cup in the yacht race concluded at New York yesterday. The Bank of Spain has been instructed to issue two and a half milliards reals in 3 mortgage bonds. I Mrs. E. F. Murray died at Cleveland, Ohio yesterday from the effects of an overdose of morphine. The London fortnightly settlement concluded yesterday with only two moderately sized failures. The Earl block, at Kent, Ohio, was entirely destroyed by fire yesterday. Logs, twenty.five thousand dollars. The winners at Saratoga yesterday were Tom Ochiltree, in the first race; Freebooter, in the second; Piccolo, in the last. A run was made on the Butchers and Traders bank in St. Louis yesterday, but the bank met all demands promptly, and the run ceased. At Mulbury, Massachusetts, yesterday, Lanham's woolen-mills and two boarding-houses were burned. Loes, sixteen thousand dollars. A Mrs. Long lost her life in a burning tenement in Haverhill, Massachusstts, yesterday. Two other persons escaped by jumping from a window. J.C. Corbin (colored), the nominee for State school superintendent by the Arkansas Republican State convention yesterday, declines the place. Yoderhawn, a maritime town of Sweden, was almost totally burned on the twenty-second. Great distress prevaile. The damage was many millions of crowns. An order has been granted extending for thirty days the time in which defendent may file an answer in the suit of Francis D. Moulton against Henry Ward Beecher. Ex.Queen Isabella, on the eve of her departure for Spain, has written a letter to President MacMahon thanking him for kindness shown her during her eight years' residence in France. St. Louis was considerably stirred up by & thunder-storm yesterday morning. A house was wrecked, and a little girl was killed. The damage to crops in the surrounding country is reported to be considerable. New York bank statement: Loans, decrease, $1,177,100; specie, decresse, $1,386,2000; legal-tenders, increase, $2,325,200; deposits, decrease, $876,700; circulation. decrease, $253,100; reserve, inf crease, $1,158,175. p In a prize fight, yesterday, on the C. Delaware river, near Trenton, between b John Keenan and Jas. Collins, ninetyti four rounds were fought, lasting one c hour and thirty-eight minutes. Keenan t was victor, knocking Collins out of a time. a The action of Dupac, French director I of the Jesuit college, and fifty-five a students against newspapers was deSI cided in Paris yesterday. Six newspa. p pere, including the Republique From W two caise, Gambetta's organ were 100 ti thousand francs each. Of tl Lieutenant-Colonel Teodirrico Fijoo, formerly secretary of Captain-General p or Valmaseda, and Senor Trotcha, of the firm of Arnan & Co., provision dealers g: m in Havana, have been cited to answer CC the charges of defalcation and misdemeanor in the supply of provisions to h the Spanish army. If they do not sp8a n pear within thirty days, they will be declared culpable and sentenced by courtel martial. as


Article from New-York Tribune, July 31, 1876

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TELEGRAPHIC NOTES. CHICAGO, July 30.-The committee appointed to investigate the condition of wheat in the elevators report that it is in good condition, except about a dozen bins which contain warm wheat. BOSTON, July 30.-The Commencement exercises at the Maine State College began last evening with Sophomore prize declamations. President Allen delivered the baccalaureate this evening. ALBANY, N. Y., July 30.-Company G of the 74th Regiment of Buffalo arrived here last evening on its way home from the Centennial Exhibition. Company Aof the 10th Regiment gave them a collation. ST. LOUIS, July 30.-A tornado passed over the northern portion of this county yesterday morning, and did a great deal of damage to outhouses, fences, trees, crops, &c. little girl named O'Toole was killed. ST. LOUIS, July 30.-Something of a run was made on the Butchers' and Drovers' Bank yesterday, but demands were so promptly met that the run soon ceased. Several city banks offered assistance to any extent


Article from The Wheeling Daily Register, July 31, 1876

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Run on a Bank. ST. LOUIS, July 29.-Something of a run was made on the Butchers' and Drovers' Bank of this city, to-day, but the demands of depositors were so promptly met, that scores of them retired without drawing their deposits, and the run soon ceased. Several city banks offered assis. tance to any extent, but President Chambers stated that the bank had abundance of money to meet all demands that could be made. Time deposits were paid as well as current accounts.


Article from The Cincinnati Daily Star, July 31, 1876

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FLASHES. Mr. Morrison has informed the House that his tariff bill will not be pressed to a vote this sesion of Congress. The seventh annual reunion of the soldiers of Champaign County, O., was held at Lewisburg on Saturday. The Columbus Cadets left Philadelpbia for home Saturday. The Light Guards were at Cape May yesterday. Archbishop Purcell arrived at Waynesville, O., Saturday evening, and held confirmation services on Sunday. Terry Short, a desperado, was arrested at Maysville, Ky., Saturday, for an attack upon a young lady of that vicinity. The British representative in Servia is endeavoring to induce Prince Milan to make the Porte an offer ot reconciliation. The Franklin House Stables at Columbus, Ohio, were burned and three norses consumed in the flames yesterday morning. A maritime town of Sweden was almost totally burned on the 22d inst. Great distress prevails. Damage many million crowus. J.C. Corbin, the colored nominee of the Arkansas Republicans for State School Superintendent, refuses to accept the nomination. Ex-Queen Isabella has written a letter to President MacMahon, thanking him for the kindness shown her during her eight years residence in France. Mr. Sanford has proposed a match between his horse Preakness and New Holland, winner of the Goodwood Cup, on the same terms, except the weights shall be twenty-eignt pounds higher. Something of a run was made on the Butchers' and Drovers' Bank in St. Louis Saturday, but the demands of depositors were so promptly met that scores of them retired without drawing their deposits, and the run soon ceased. A tornado passed over the northern part of St. Louis between 3 and 4 o'clock Sunday morning, and did a good deal of damage to out-houses, tences, trees, crops,&c. One edge of the storm struck the extreme northern part of the city and made considerable racket among some of the houses, one of which was wrecked and a little girl named 'Toole killed. The Secretary of the Treasury has informed the Conference Committee on the Legislative Appropriation Bill that the proposed reduction of the clerical force would unquestionably cripple the public service, but furnished a schedule including the places where reductions will do the least harm in case the contemplated compromise should prove legislative ultimatum. In the case of the death of Mrs. E.F. , Murray Day, suspected by some to be one of suicide, who died at Cleveland recently, the evidence taken on the Coroner's Inquest, and still stronger evidence that has come to light since the e inquest, renders it certain that there was no intent to commit suicide, and 1 the fatal result was due simply to an accidental overdose of the opiate. S The Mayor of East St. Louis has dismissed all appointees of that city, to b to take effect August 3. This action is made necessary by the late decision of the Supreme Court of Illinois, which declares the present mode of assessment e and collection of taxes illegal. The resources of the city are therefore shut off. This leaves the city without a police force, and the citizens are talking about organizing a Vigilance Committee to preserve peace. Crazy Horse has returned to the Agency, and has sent word to Captain Egan that he would see him, shake t hands, make a treaty and be friendly. Indians lately arrived will not talk about the Custer fight, and pretend to know nothing of it. A council was held at Cheyenne Camp to talk over the change from civil to military authorities. Many opposed it. Red Cloud has exe pressed satisfaction at the change, but fears are entertained that any attempts to deprive the Indians of ponies and arms will meet with resistance.


Article from The Daily Dispatch, August 1, 1876

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A mother of four children in New Orleans has been convicted of regularly sending them out to steal. By practice they became very expert, and the profit of their thieving enabled the woman to buy a house and live comfortably. She devoted herself to the sale of the stolen articles and the general direction of the children. The story that Mr. John Bright had refused to drink the health of "The Empress" is pronounced untrue by the London Examiner. No such toast was proposed. The toast was " Victoria, Queen of Great Britain and Empress of India," and Mr. Bright rose, though he did not drink, as he never partakes of wine. A tornado caused a great deal of damage in the country north of St. Louis, Mo., Satfurday morning between 3 and 4 o'clock. One edge of the storm struck the extreme northern part of the city, wrecking a house and killing a little girl. Lord Levitt, of England, who accompanied the Prince of Wales to India, and the Count and Countess Von Arnim, of Berlin, are at Montreal. The coal miners of St. Clair and Madison counties, Ill., held a mass meeting Saturday and resolved that after August 1 they will not mine coal for less than three cents per bushel. John Reeves, for thirteen years an employé in the Columbus, O., post-office, has been arrested for opening letters and abstracting money. He confessed his guilt. Ten thousand spectators witnessed the Lacrosse match between the Montreal and Toronto clubs, which was won by the latter after a hot contest at Toronto Saturday. A run was made on the Butchers' and Drovers' Bank at St. Louis Saturday, but the demands were SO promptly met that the run soon ceased. The New York Tribune thinks the Republicans have a severe fight before them, and that their only hope is to cut adrift from Grantism. Three thousand soldiers from Connecticut will encamp in Philadelphia on the 1st of September and remain about ten days.


Article from Martinsburg Independent, August 5, 1876

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A run was made on the Butchers' and Drover's Bank at St. Louis, Saturday, but the demands were so promptly met that the run soon ceased.


Article from Daily Press and Dakotaian, July 14, 1877

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Chief Joseph Surprises 31 Chinamen on the Clear Water. And Slaughters All But One of Them. Heavy Shipment of Butter to Europe. Discovery of a Plot to Vacate the Illinois Prison. MISCELLANEOUS. SENATOR GROVELINVESTIGATION. Portland, June 14 -The testimony to-day was entirely for the purpose of proving the good charaeter of witness Stiles, which was apparently proved. Some of the recusant witnesses have arrived. There is great interest in their testimony. Grover's friends claim they will positively swear they got no proposition for money. JOSEPH'S BAND News is received that Joseph's band surprised 31 Chinamen who were paddling down Clear water, in a canoe, for pastime, inhumanly killed the whole party but one who escaped. A letter says that Joseph is smart to take enough advantage and flank of the Howard slow movements, him continually. The impression seems to be that the Flat Heads are not going to join in this war. FAILURE. St. Louis, July 14.-D. W. Chambers, president of the Butchers and Drovers bank announces the suspension of that bank. He says only fifty per cent. of the capital stock has been paid, giving $130,000 to be derived from that source, if found necessary to secure the depositors. He also says he has wife and sisters which stand ready to give deeds of trust on several thousand dollars worth of property, to secure any balance due the depositors, provided such time as may be necessary to realize on the assets of the bank, is given him. The suspension of the bank grows out of a run on the bank a year or two ago, which took from it nearly one million dollars. Although the bank had partially recovered from that recent failure it created such distrust that its suspension was found necessary. AN EXPLOSION. Allentown, PR., July 14.-Four men and 8 injured by the exof a boiler in were_killed plosion Kelfer's Co.. ore mills, at Millerstown, Lehigh The name of the killed are Aaron Miller, engineer, and 3 workmen, Lamb, Rupp, and Andrews. Among the fatally injured one Henry Heunback, and 2 of Aaron Miller's sons. |Several horses and mules were killed. The engine house and boilers are a total wreck. DECIDED IN FAVOR OF THE GOVERNMENT. Chicago, July 14.-In the United States district court this morning, Judge Blodgett decided that the case of the government claim against F. D. Hessing should be reopened. AN ABORTIVE PLOT. The warden of the Penitentiary, at Joliet having discovered a plot of the prisoncrs in that institution to escape to-day, seized nineteen of the ring leaders yesterday afternoon, and put them in solitary confinement, A COMPLIMENTARY ADIEU. Boston, July 14.-James Russel Lowell, minister to Spain, sailed to day for Liverpool, A party of dis. tinguished persons went down to the horbor with him and a salute of fifteen guns was fired from the navy yard.


Article from The Rock Island Argus, July 14, 1877

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The Times Getting Harder.-Heavy Failures. ELLSWORTH, Maine, July 14.-H. M. & B. Hall, lumbermen, have failed; liabilities estimated at $175,000, one half secured; assets unsecured. ST. LOUIS, July 14.-B. M, Chambers, president of the Butchers and Drovers' Bank announces the suspension of that bank. He says only 50 per cent. of the capital stock has been paid in, giving $130,000 to be derived from that source, if it is found necessary to secure depositors; he also savs his wife and sisters stand ready to give deeds of trust on several thousand dollars worth of property to secure any balance due depositors, provided such time as may be necessary to realize on the assets of the bank is given him. The suspension of the bank grows out of a run on the bank a year or two ago which took from it nearly $1,000,000; although the bank had partially recovered from that, recent failures have created such distrust that the bank lost prestige and found suspension necessary.


Article from The New Orleans Daily Democrat, July 16, 1877

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A RUN ON THE BANKS. A Panie in St. Louis Causes a General Run on all the Banks. [Special to the Democrat.] Sr. LOUIS, July 15.-The suspension of the Butchers' and Drovers' Bank yesterday caused a run in the afternoon on the Boatmen's Savings Bank, Union Savings Association, Provident Savings Association, North St. Louis Savings Association, Lucas Bank, Lafayette Bank, Citizens' Savings Bank, and Bank of St. Louis, but these runs were in no sense extensive. The demands were almost exclusively made by small depositors of the laboring class, and were met promptly. Very few if any merchants or business men joined in these runs. It is believed anxiety will subside and business resume its regular channels to-morrow.


Article from The Sun, July 16, 1877

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The people of St. Louis seem to be thoroughly alarmed by the recent suspension of several of their oldest and most trusted financial institutions. On Saturday the Butchers' and Drovers' Bank failed. with liabilities amounting to nearly one million of dollars. This, following closely upon the failure of the State Bank of Missouri. the exposure of the rottenness of the Commercial Insurance Company. and the suspension of several financial concerns of less note, caused a panic, and a general run upon banks. Several of the banks took advantage of the sixty days' notice clause in their charters, while others braved the run. and trusted that it would soon subside. To-day will probably determine whether the panic is or is not a serious one. A run upon a bank is, as a rule. as senseless as it is selfish, and is only justiflable when, as in the case of the Third Avenue Savings Bank in this city, both the bank officials and the State authorities refuse to do their duty. At the same time it must be acknowledged that recent developments both East and West, go to show that there has been much raseality and laxity in the management of not a few institutions to which the capital of the business man and the savings of other men have been committed. To fully restore public confidence it is necessary that every weak or rotten concern be weeded out, and every thief, however respectable his connections, be consigned to the penalty of a thief.


Article from Alexandria Gazette, July 16, 1877

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News of the Day. A gentleman named Morgan Baty and a lady named Phillips were drowned at Atlanta City yesterday morning while bathing. Mr. Baty lost his life in attempting to save the lady, who had been carried beyond her depth. Wm. Reilly and Moses Churchwald, both of No. 160 West 53rd street, New York, were drowned in the Hudson river while bathing yesterday. The physician of Courtney, the oarsman, does not hesitate to say that his patient was drugged, but does not mention the nature of the drug. It is reported that au agent of the Spanish Government made an unsuccessful effort to offeet a compromise with the owners of the American vessel lately seized on the Cuban coast. The President's order prohibiting office holders from taking part in political caucuses, will be enforced by the now collector of the port of Baltimore. A correspondent of the Leesburg Washingtopian, writing from Middleburg, says there is a live lion loose in the Bull Run mountains. Mr. Hugh Scott, and old citizen of Fredericksburg, died there last Friday. The independent party is to be revived in New York. An attempt was made last Saturday night to burn Elk City, Pa. The warden of the penitentiary at Joliet, lil., having discovered a plot of the prisoners in that institution to escape, on Saturday soized ninoteen of the ringleaders and put them in solitary confinement. Four men were killed and eight mon and boys injured, five fatally, by an explosion in Keefer's ore mill in Lehigh county, Pa., on Saturday morning. Several horses and miles were also killed. Two of the injured died to-day. The printers at Louisville have consented to reduce composition from 40 cents to 36 cents per 1,000 ems on morning papers. All the government departments at Washington will be closed on Saturdays during the summer at 3 p. m. The Butchers' and Drovers' Bank of St. Louis suspended last Saturday. The clerks and others employees of the New York postoflice are to wear uniforms as well the carriers. Col. Chamberlain, has been appointed special agent of the Treasury Department in the place of Col. G. W. F. Vornon. The fears of a run on the savings banks, in St. Louis, today, were not realized, but the North St. Louis Savings Bank closed its doors. Dickson's jewelry store in Philadolphia was robbed Saturday night of $20,000 in watches and $15,000 in dismonds and jewelry. The 21 U. S. infantry is en route for Atlants to the scene of the Indian hostilities.


Article from The Daily Dispatch, July 16, 1877

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Banking and Insurance Companies. FAILURE OF A ST. LOUIS BANK. ST. LOUIS, July 14.-The Butchers and Drovers Bank has suspended. The depositors seem secured. EFFORT TO REORGANIZE THE CHARTER-OAK INSURANCE COMPANY. STAMFORD, CONN., July 14.-The - attempt to reorganize the Charter-Oak Insurance Company by putting its affairs into the hands of new and trustworthy officers bas failed, the assets not warranting the undertaking in the opinion of gentlemen who were requested to take hold of the company. A movement will be made at once for the appointment of a receiver, and upon such appointment the payment of the premiums will cease; but policy-holders are advised to keep their policies alive until a receiver is appointed, as they will have a right to share pro rata in the large amount of property the company owns after the liabilities are paid. A RECEIVER WANTED FOR THE CHARTER-OAK LIFE-INSURANCE COMPANY. HARTFORD, CONN., July 14,InsuranceCommissioner Stedman this afternoon made an application to Judge Pardee, of the Supreme Court, for the appointment of a receiver for the Charter-Oak Life-Insurance Company. The petition sets forth that the assets of the company areso much less than the liabilities it is necessary a receiver be appointed and the charter annulled. Judge Pardee issued a temporary injunction and the sheriff served the papers on the officers, which requires them to answer the allegations by Monday next and show cause why a receiver should not be appointed.


Article from Evening Star, July 16, 1877

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Monday of last week, died on Saturday. He lived five days with a bullet in his brain. $7 At Patherson, N. Y., Edward Holland, while drunk, shot twice and fatally wounded a young man named Ellsworth. The clerks and other employees of the New York post office are to wear uniforms as well as the carriers. 17A murderer escaped from the jail at Somerset, Ky., by eloping with the Sheriff's daughter. as The Lake Dunmore House, a summer resort at Salsbury, Vt., was burned Saturday. IT A plot to escape from the Illinois state prison at Joliet has been discovered, and nineteen of the ringleaders put in solitary confinement. Lewis H. Johnson, of the steamboat Francis Bell, was shot and killed by a negro at West Wego, La., yesterday. The murderer escaped. James A. Favor, who is under bail for assisting to kill the Harrington girl, in East Boston, drowned himself at Lowell, Mass., Saturday. In a drunken brawl in New York yesterday morning Michael Cahill was struck in the head with a brick by Daniel Murphy and killed. The Governor of New York refuses to interfere in the case of Penweil, who is to be hanged at Elmira on the 20th instant for wife murder. w A tremendous flood deluged Latacurga, Ecuador, on the 28th, deluging a portion of the city, causing the loss of several lives, besides the destruction of much property. The British steamer Octavia. seized by the Spanish authorities, was released and delivered to the British consul, at Porto Rico, on the 30th ult. 19 The Butchers' and Drovers' bank of St. Louis has suspended. A run on the Boatmen's savings bank was made but fully met. The officers, quarters at Camp Supply, Indian Territory, were burned a few days ago, the officers losing nearly all their farniture and personal effects.


Article from New-York Tribune, July 17, 1877

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ST. LOUIS BANKING DIFFICULTIES. CAUSE OF UNEASY FEELING IN MERCANTILE CIRCLES. A prominent citizen of St. Louis said to a TRIBUNE reporter yesterday. that the recent bank fallures in that city had caused a very uneasy feeling in mercantile circles, and there were fears that several firms, heretofore regarded as sound, would be forced into bankruptey. "The prime cause of the failures," said the informant, "Is the fear of the law enacted by the last Legislature, which not only makes Directors financially responsible in double the amount of the stock owned by them, but also makes it a felony for officers to receive deposits or premiamas when the banking institution or insurance company is in a failing condition. This act was passed to secure depositors from frauds, as well as to strengthen sound banks by uprooting wild-eats." "The failure of the Butchers' and Drovers' Bank," this gentleman said, "is attributable to unfortunate loans and wild speculations. When it was started, the members of the Whisky Ring, then in the height of power, were leading officers and directors, and they deposited large sums of money daily. Being opposite the Union Market, it was liberally patronized by heavy butchers and drovers, whose current deposits aggregated hundreds of thousands of dollars. The President, B. M. Chambers, is entirely too generous in his disposition to manage & bank, and made loans out of sympathy frequently, which a man of sound financial judgment would have refused. He advanced liberally to The St. Louis Times Company, taking lis bonds as collateral, and was recently compelled to buy in the conoern. in order to save the bank. The total liabilities amount to over a million dollars. and It is believed that the property owned by Mr. Chambers and by his mother and sisters. will be surreudered and prove simple to pay the depositora in full. if they will allow a reasonable time to make payments. If, however, they precipitate matters by resorting to the Courts, it is doubtful if they will realize thirty cents on the dollar. The stockholders will loose all they have invested among them are William H. Renton, William McKee of The Globe Democrat, Constantine Maguire, of winsky-ring notoriety, and others." This informant expresses the belief that several other smaller banks will be forced to yield before the week is over, as they cannot bear up under a heavy run. The Bank of Commerce, Third National, First National, Boat. mens' Savings, Tenth Ward Savings', Lacas and German Savings Banks he thinks can readily respond, and perhaps others, but some of the newer and smaller institutions in the north part of the city, he thinks, must fall. "The German Bank," he added," "did not fall, but merely withdrow from business. The stockholders and officers are all men of large means, who thought it imprudent to keep their money idle when they could make it more serviceable in their business. This has been one of the most prosperous banks in the city, and withdrew oniv because investments could not be made with profit." According to the theory advanced by this gentleman St. Louis has more banks than are necessary. and can spare many more without detriment to the business interests of the community.


Article from Public Ledger, July 18, 1877

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ST. LOUIS BANKS. All Quies-Business Progressing in the Regular Way. ST. LOUIS, July 18.-Bank matters are very quiet this morning, and business seems to be progressing at all the institutions in the regular way. It is reported that the Washington Savings Association, at Washington, Mo, suspended yesterday. No particulars. B M. Chambers, president of the Butchers and Drovers Bank, says he has every reason to believe that the depositors will leave the adjustment of the diffi culties of that bank in his hands, and will accept the proposition made by him. He thinks an assessment of twenty-five dollars per share will be required on the stockholders to close up the business speedily, and is confident that this sum, or at least the greater part of it, will be returned to them when the assets. are realized upon. The directors of the North St. Louis Savings Association have discussed several propositions for the settlement of their affairs, with a view to re-opening the bank and resuming business. The OLE most favorably entertained is to pay all depositors one-half in cash and onehalf in stock, and if arrangements can be made to obtain money to carry out this proposition, it is probable that the bank will resume business next week. The assets of this association are one hundred and fifty thousand dollars above its liabilities. As an evidence of returning confidence it may be said that the Broadway Sav ings Bank Association, which felt the run of Saturday and Monday as severely as any bank, received a large number of new accounts yesterday and its deposits were about $80,000 over any previous day. A large number of depositors who withdrew their funds Saturday returned them yesterday. This can also be said of a number of the other banks. Over $3,000,000 arrived here yesterday by express for banking purposes.


Article from The Wheeling Daily Register, July 19, 1877

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Financial Situation in SI. Louis, ST. LOUIS, July 18. - Bank matters are very quiet this morning, and business seems to be progressing at all the institution 8 in the regular way It is reported that the Washington Savings Association, at Washington, Mo suspended yesterday. No partienlats Mr. Bruchambere, president of the Butchers and Drovers Bank, says he has every reason to believe the depositors will leave the adjustment of the difficule ties of that bank in his hands, and will accept the proposition made by him He thinks an assessment of $200 per share will be required of the stockholders to close business speedily, and is confident that this sum, or at least the greater part of it, will be returned to them when the assets are realized upon. The directors of the North St. Louis Savings Associal tion have discussed several propositions for r settlement of their affairs, with is view to reopening the bank and resuming business The one most favorably entertained 18 to pay all depositor one. half in cash and one-half in stock, if arrangements can be made to obtain some ready money to carry out this proposition. It is probable that the bank will resume business next week. The assets of this association are 1,500,000 in excess of liabilities. A an evidence of returning confidence, it may be said that the Broadway Savings Association, which telt the run of Saturday and Monday as severely as any bank received a large number of new accounts yesterday, and its deposite were about $10,000 in excess of any previous day. A large number of depositors who withdrew their funds Saturday returned them yes terday. This can also be said of n number of other banks. Over $3,000,000 arrived here yesterday, by express, for banking purposes.


Article from Mexico Weekly Ledger, July 19, 1877

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Six banks have broken in St. Louis during the last week or so: State National, about three weeks since; Butchers' and Drovers'; Broadway Savings; North St. Louis; Savings Bank of St. Louis; German Savings, and Bremen Savings. Quite a panic in money matters is reported in St. Louis. Nothing serious is apprehended; all now that is wanting to quiet affairs is the confidence of de positors.


Article from The True Northerner, July 20, 1877

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THE NEWS CONDITION THE EAST. enormous copper lode has been discov- B. AN Milan. N. H The office of robbed T. ered Frothingham, at of Boston, was recently bonds. trunk containing $18,000 worth of in an of a TERRIBLE boiler explosion occurred A mill near Allentown Pa., one day last week, fatal ore in the killing of three men and received the resulting of five, while three others notable gathwounding injuries. There was a other day, serious literary men in Boston, the Lowell, on his of occasion departure ering to say of good-by to James Russel for his post of those presduty the as Minister poets to Longfellow Spain. Among and Oliver Wen- the dell ent were Holmes, the Ralph Waldo Harvard Emerson, College, and professors of number of Charles President Francis Adams, Jr., and a Massachusetts Congressmen. LIGHTNING struck a shed during a thunder- day, near North Bergen, N. J., the other old, storm Mrs. Sandow and a babe 10 months Mrs. killing Frederick Muller, a boy of 14 years. in and and Muller had been weeding the a Sandow and took shelter from the rain machine in field, extensive foundry and shed. shops of The A. Hartupee, in The Pittsburgh, total loss Pa., is have estibeen mated destroyed at $300,000. by fire. New York claims to have had a genuine case of Asiatic cholera. THE WEST. THE Milwaukee Sentinel prints telegrams Dathirty points in Minnesota, Iowa and kota, from which report grasshoppers in large num- the flying with the wind. In Minnesota alighting bers flying north, only a few the 'hoppers points are heard from. In the Farmers main are at 'hoppers the are doing no damage. encouraged with the crop prospects. From the scene of the Indian war in Idaho Gen. o. o. Howard telegraphs an band. acTerritory count of a battle with Chief Joseph's the meager particulars furnished we Le From that, after making a forced march, o'clock on glean the enemy, 300 strong, at 1 a struck of July 11. in a deep canon, at the mouth afternoon of the Cottonwood opened driving fire the with a howitzer, and succeeded in fighting once from their position. The from the savages in earnest, the troops firing then began rocks and barricades, and continued behind till nightfall. The soldiers slept on their the arms. aton the morning on the 12th seand, early renewed, and, after some tack was the Indians were drivvere fighting position. The pursuit was en from their some time, and the retreat of kept hostilos up for was accelerated by a number artil- of the were sent after them by the shells that Howard claims a victory as the relery. sult of Gen. this engagement, but the casualties one, show it to have been a dearly-purchased Indians it can be conceded. Thirteen not if such killed (the number of wounded of is solwere while exactly the same number slain, and given), by a singular coincidence, were killed were diers, twenty -four wounded. Among the Another Capt. Bancroft and Lieut. Butcher3' Williams. and Drovers', has St. Louis bank, doors the Reports of rich gold discovclosed in its the Big Horn country have produced from eries excitement at Deadwood, in the an immense place large parties have set out latest expectation which of finding a fortune in this Dorado. LIEUT. COL. M. V. SHERIDAN returned to Chia few days ago from the battle-ground cago where the brave Custer and his troops were The bodies of some of the dead were alain. found to be decomposed beyond which recognition. could be The bodies of the privates and the graves identified were properly buried officers The remains of twelve Lincoln. marked. brought to Fort were bones boxed of and the gallant Custer Those will be of The to West Point for intermet Smith, taken Custer, Capt. Yates. and Lieuts. the Col. and Melutosh will be removed to Calhoun Cemetery at Leavenworth. The re- of National other officers await the action mains of the Those of Lieut. Crittenden were their friends. permanent burial on the spot where father, he given fell, in obedience to the wishes of his who objected to their removal. THE failure of the Second National and Butchers' and Drovers' banks, in St. Louis, of caused quite a run on the savings banks that city, and two or three of the weaker of these institutions have suspended. THE SOUTH. A NEGRO named Wilson was hanged at Nash- a Tenn., last week, for the murder of ville, policeman. Over witnessed the execution, was conducted in a shockingly bungling culprit which The noose slipped, and the intoleramanner. died slowly of strangulation, suffering ble agonies. THE New Orleans School Board has decided to establish separate schools for the two races. The whole body of troops now stationed Southern States, with the exception of Mexican those in Texas to operate against the men. marauders, in does not exceed 1,000 or 1,200 WASHINGTON. IT is announced at the Treasury Department natural that gold that has lost in value from the abrasion in circulation will be received at loss by weight. This would involve a on treasury to depositors of not exceeding ten cents eagles or double eagles. A MEETING of white and black citizens of the in South Carolina known as the scene of a region the Ellenton riot last fall has been held with restore peace and harmony. Resolu- to a view to were unanimously adopted looking of tions of race trouble and to a dropping Federal courts. cessation pending prosecutions in the State and THE Secretary of the Navy has addressed a letter to Capt. Howgate, the originator of the establish a colony for Arctic exploration the far north, declining to The a in to accompany the expedition. Sec- to officer plan to detail authorized civil does not consider himself for retary detail civil officer for such service, and, the same reason, he regrets that he of cannot instruwith the request for a loan of the comply ments belonging to the avy for the use expedition. THE Treasury Department has issued the fifty-first call for the redemption of 5.20 bonds consols of 1865. The call of which $7,000,000 are coupon of 000,000. 1865, is for and $10,- and in$3,000,000 registered bonds, principal terest to be paid at the treasury on and after on the 16th of October next, interest to cerse that day. The Treasury Department has re- received from Barnstable, Mass., the official port of the seizure of the whaling ship Rising Sun, of that port, by a Spanish armed vessel off Cuba. The Department has also been made officially acquainted with the arrest and conof These matters will into, and Spain held to a strict finement Ellen Rizpah. of Capt. Dunham, accountability the ha schooner looked for the outrages.


Article from The Donaldsonville Chief, July 21, 1877

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St. Louis is now engaged in running on her own account a first-class, lifesize financial panic, The failure of the National Bank of Missouri started a run upon all the banking institutions in the city, and no less than six have suspended within the past fortnight. These are the, German Bank, Butchers' and Drovers' Bank, Lucas Market Savings Bank, North St. Louis Savings Association, Bank of St. Louis and Bremen Bank. The excitement is subsiding and it is believed the actual losses will not be excessive, but no reliable estimate of the damage can be made until the smoke of the smash-up clears away.


Article from Lexington Weekly Intelligencer, July 21, 1877

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The failure of the Butchers' and Drovers'. North St. Louis Savings, and German banks. in St. Louis, in no way affects our banks here, which are as solid as a rock. The run on the Boatman's Savings in St. Louis has ceased. It was a toolish one, anyhow, as that institution is one of the most solid in the state, and confidence is once more restored. The effect of the failure of the National Bank of the state, and the impending bank law, is now thought to have expended its force.


Article from The Ottawa Free Trader, July 21, 1877

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Another St. Louis Bank,-the Butchers' and Drovers'-has closed its doors, and there is quite a business panic in the city. Like the National State- the old Missouri State Bank -which recently went under, the Butchers' and Drovers' is the victim of too much real estate, the fearful shrinkage of which, in the last year or two, has driven not only numerous banks, but many insurance companies to the wall.


Article from The Iowa Plain Dealer, July 27, 1877

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romestic INTELLIGENCE Bank. A. Hartupee's large foundry and machine shope, at Pitt-burgh, Pa., were burned last week. Loss estimated at €300,000. A man died in New York, the other day, with what the attending physicians pronounce a "genuine case of Ariatic cholera." The Hartford Courant advisor the busiblic that it will be very foolish for any one who holds a policy in the Charter Oak Life Insurance Company to it. The lowent entimate yet made by any one of the value of the assets of the company puts them at 46,000,000. Even at that a policy IN worth saving. and an soon as a receiver in appointed the necessity for minking payments ceaser, and at some time each policyholder will receive his dividend on the present value of his policy Forext fires are raging in the vicinity of Fort Fairfield, Me. Vast areas of timber-land are burned over and many buildings destroyed. Ex-Gov. Tiklen railed from New York for Europe lant week. Courtenny mind Biley, two professional oarsmen, were matched to row a race on Occonwood Inko, not far from New York. Largo of money were staked on the result, and an in: mense crowd congregated to witsock the contest. June before the start Courtenay was taken suddenly ill. He and his friends claim that he was poloned by Moltio of Billey's Inchere. Great pertuatiation among the sports in consequence. Weme. Lieut. Col. M. V. Sheridan returned to Chicago n few dayn ago from the battle ground where the trave Custor and him troops were main. The bodies of some of the dead were found to be decomposed beyond recognition. The bodies of the privaton which could be identified were properly buried and the graves marked. The remains of twelve officers were boxed and brought to Fort Lincoln. The bones of the kallant Cunter will be taken to Went Point for insterment. Those of : Col. Custor. Capt. Yaton, and Lieuts. Ninits, Calhoun and MeIntowh will be removed to the National Cemetery nb Leavenworth. The remain of the other officers awnil the action of their friends. Thore of Liout. Crittenden were Kiven nermanent burial on the ngpt where he fell, in obedience to the winter of his father, who objected totheir removal. Following the failure of the Butchers' and Drovers' and Record National Banks of St. Louis, comes the announcement of the closing up of the North St. Louis Havings Institution mild the Bank of Ht. Louis. The Chicago Journal says : "The cropnews continues good-only good, and very good. There in no exception to the rule. From the Enne, Went niid Mouth the nown in in the highone degree cheering, and embraces the entire I range of the products of the earth." A Walla Walla (Oregon) diapatch ways the Indians have killed three mou mild one girl on Cow creek. 8 A day N dollign in the Black Hills in this noted in a disputch from Deadwood A camp of freightern nonr Crook City wan stocked by a Kung of horre the who stampeded and got away with about meventy horean and mules. A war party of thirty-live Indiana were seen on Hearth-h creek. A party of ten Indiana came down upon n ranch on the Red Water, tired sev-